Dutch fintech company Yabx Technologies expands operations into Nigeria
Yabx technologies has expanded operations into the Nigerian ecosystem. The startup intends to offer banks and Nigeria’s new-to-credit sectors digital lending and other fintech goods. By utilizing its AI/ML powered fintech platform, Yabx collaborates with African banks to develop sizable, scalable, and profitable digital lending portfolios. Yabx also wants to assist banks in expanding their service portfolios by introducing new products like BNPL products, personal loans, and MSME credit products.
Yabx Technologies is a financial technology business that underwrites and services target segments made available across consumer networks through agreements with banks and telecom carriers. In addition to operating in Indonesia, Tanzania, Uganda, Malawi, Cote d’Ivoire, and Colombia, the business has expanded into Nigeria.
Mobile money operations licenses were given to Nigerian telecom carriers in 2022. Due to the fact that Yabx’s business strategy requires working with telecom operators, this presents a significant prospect for expansion. The company will be able to tap into this attractive market, which has over 120 million individuals with access to cellphones and the internet as well as about 40 million adults who are under- or unbanked, through partnerships with telecom carriers and banks.
Nigeria’s mobile payment market is anticipated to grow at a CAGR of 25.6% to reach USD 74 billion by 2025, according to PayNXT360. Yabx is receiving equity funding from Verdant Capital.